Morgan Stanley Bags $3.5 Million Wells Int’l Team in Arizona
The battle for Wells Fargo Advisors brokers with international client books is heating up as Morgan Stanley has captured a team generating $3.5 million in Tucson, Arizona as well as an international branch manager in Miami.
Parada, who had been with Wells Fargo since 1999 and qualified as a “premier advisor” based on his production, according to his web site, did not return a call for comment. He started his brokerage career in 1997 at Piper Jaffray, according to BrokerCheck.
Elias joined Wells from American Express Financial Advisors as a rookie in 2002.
The duo moved with a junior partner, Luis Molina, who began his career at Wells in 2019, according to his BrokerCheck.
A spokeswoman for Morgan Stanley confirmed the hires but declined further comment.
The brokers were required to leave Wells after it announced in January that it would shutter its offshore wealth business and those who derived more than 40% of their revenue from international clients would have to depart, the source said. Wells as a concession vested the remaining balances on their deferred compensation.
A handful of firms have been pitching themselves as a safe haven to brokers forced out by Wells’ change. Snowden Lane Partners said last week it had hired Wells broker Armando A. Ureña in Coral Gables, Florida, who managed $350 million in client assets and sourced about 50% of his revenue from international clients.
International brokers have been under pressure industry-wide as firms including Morgan Stanley have been adding restrictions on serving international clients in recent years in light of increased compliance and anti-money laundering supervision tied to overseas business.
Morgan Stanley two years ago implemented a $2 million minimum, but the source said that in effort to woo Wells brokers, it is allowing some new hires leeway and will grandfather those accounts in provided they are able to grow those accounts above the minimum by a certain timeframe.
The Morgan Stanley spokeswoman declined to comment on the asset minimum or its policies.
To help bolster its international recruiting efforts, Morgan Stanley also last week hired a Wells international manager Mauricio Sanchez to serve as non-producing branch manager of a Biscayne Boulevard branch in Miami, the spokeswoman confirmed. He reports to Miami complex manager Kevin McCarty.
At Wells, Sanchez had been an international complex manager in Miami, working alongside Alberto Gonzalez Saint Geours, president of Wells’ international client segment, who on Thursday was named southern division leader under the wirehouse’s reorganization of its wealth management business.
Sanchez is returning to Morgan Stanley after a stint with the firm from 2010 to 2013, according to his BrokerCheck. He started his brokerage career in 1989 at Merrill Lynch, where he was registered until November 2008, shortly after it agreed to be sold to Bank of America.
A spokeswoman for Wells did not return a request for comment.
Sanchez’s move was earlier reported by “Citywire.”